P1M worth of counterfeit peso bills seized in Pasig, 6 arrested

Police seized some P1 million worth of fake peso bills following the arrest of six people who are tagged as involved in the production of counterfeit money in a raid in Pasig City.

Senior Supt. Wilson Asueta, head of the Criminal Investigation and Detection Group-National Capital Region (CIDG-NCR), said the group led by Jaypee Balis was also selling the fake money to various groups and individuals.

“Based on our investigation, a 500 peso bill is being sold at P150 while 1,000 peso bill is P300,” said Asueta.

The fake peso bills are reportedly being sold in the markets of Pasig City and other areas.

The official said that the printing of the counterfeit peso bills is so clean that one could hardly notice that they are fake.

He said that they had to invite a representative of the Bangko Sentral ng Pilipinas to check and certify that the peso bills are fake.

The raid was conducted following reports on the presence of armed suspicious-looking men in Pinalad, Barangay Pinagbuhatan in Pasig City.

The cops were also tipped that the house is a source of fake money.

During the operation, seized were a .38 revolver, five bullets for .38 revolvers, and two magazines for an armalite rifle.

“Incidentally, during the serving of the search warrant, nine wrappers of suspected counterfeit one thousand peso bills, five wrappers of suspected counterfeit five hundred peso bills and 100 pieces of reject/suspected counterfeit five hundred peso bills were recovered,” said Asueta.

The total value of the fake money is P1million.

Asueta said that they have been very aggressive in the campaign against fake money particularly as this may be used in the forthcoming barangay elections.

It will be recalled that fake money has been used in previous elections to buy votes.

Charges of illegal possession of firearms and illegal possession and use of false treasury or bank notes will be slapped against the arrested suspects.